https://www.taxtmi.com/caselaws?id=403981 The Tribunal upheld the validity of the Assessing Officer's jurisdiction to initiate reassessment based on credible information regarding the assessee's involvement in bogus purchase transactions. The Tribunal found the CIT(A)'s decision to restrict the disallowance to 4% unjustifiable, deleting the entire addition of the alleged bogus purchases amount. It emphasized the importance of specific, convincing evidence and disregarded the reliance on a retracted statement. Consequently, the Tribunal dismissed the revenue's appeal, allowed the assessee's cross-objection, and deleted the entire addition of Rs. 3,50,49,136. en-us Thu, 11 Feb 2021 00:00:00 +0530 Fri, 12 Feb 2021 12:02:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403981 The Tribunal upheld the validity of the Assessing Officer's jurisdiction to initiate reassessment based on credible information regarding the assessee's involvement in bogus purchase transactions. The Tribunal found the CIT(A)'s decision to restrict the disallowance to 4% unjustifiable, deleting the entire addition of the alleged bogus purchases amount. It emphasized the importance of specific, convincing evidence and disregarded the reliance on a retracted statement. Consequently, the Tribunal dismissed the revenue's appeal, allowed the assessee's cross-objection, and deleted the entire addition of Rs. 3,50,49,136. Case-Laws Income Tax Thu, 11 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403981